This confluence is really surprising here. We've got so many variations of support with price action majorly oversold.
1. Major Monthly Support Line
2. Reaction Line 2 based off red pitchfork line
3. Lower Median line from an Action Reaction Multi Pivot Line
4. Warning Line 2 support from Red Pitchfork
Now Price ...
The market has come right into my little circle of support 1. Lower median line parallel 2. 50%RT. Sell off is hard on the 15M with no confirmation of strength yet. Very small risk trade. Going long with a stop at .7415
******* Tradingview turns my Modified Schiff Pitchfork into an Andrew's Pitchfork when I publish it, so all the trendlines are incorrect. This is my second attempt to publish it ****
Tradingview cannot seem to publish a Modified Schiff Pitchfork. So refer to this picture: https://www.tradingview.com/x/R5wspqWK/ ...
I'll be getting long crude if we get a solid retest of the Median Line in the upcoming days. Easily could run to upper blue line MLH on the 4 hour chart. This is still an uptrend on the Higher Time frames but a downtrend on 1HR. If unable to hold ML would get me short until about 46.50 retest of lows.
Following up on the last chart. Here's a daily of GBPUSD. We've broken below the daily uptrending pitchfork after failing to reach the median line and also breaking below the Trading Range volume point of control. Bounced of minor swing support and the pitchfork warning line. A poor lack of demand retest of the ...
Brexit is coming up and it looks to me that market is under distribution. I would not be surprised if this recent move under 1.41 was to remove the buy stops under the market, knock out early shorts and get some more people long. I'm looking for a quick move under 1.41.
Very high R/R trade